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Neptune Energy Group Holdings Ltd.

04/26/2021 | Press release | Distributed by Public on 04/26/2021 01:30

Neptune Energy welcomes first gas from Merakes project

26/04/2021

Neptune Energy today welcomed the announcement, by the operator, Eni, that production has started from its Merakes development, located in the East Sepinggan block, offshore Indonesia.

The Merakes development consists of five subsea wells, tied back to the Jangkrik Floating Production Unit (FPU). Gas is gathered at the subsea manifold and exported 45 kilometres to the Jangkrik FPU where it is processed for export to the Onshore Receiving Facility in Senipah via the existing Jangkrik export pipelines.

In 2019, Neptune acquired interests in the Indonesian Kutei Basin. The company also has a 30% stake in the West Ganal block. The Jangkrik FPU is positioned as a key Hub in the Kutei Basin, providing future growth opportunities through lower-cost tie-back developments for several existing discoveries in our acreage including Maha and Merakes East. An appraisal well at Maha is currently drilling.

Merakes is Neptune Energy's largest project development in 2021, adding approximately 11,000 barrels of oil equivalent per day (kboepd), and its second major development to be successfully delivered this year, following start-up of its operated Gjøa P1 development offshore Norway. The development marks an important milestone in the company's progress towards achieving Group production of around 200 kboepd in 2023 and underlines the importance of Neptune's Asia Pacific portfolio.

Neptune Energy's Managing Director in Indonesia, Eko Lumadyo, said: 'We are proud to partner with Eni on this strategic development which will help meet growing domestic energy demand in Indonesia and support the country's export market.

'Indonesia provides Neptune Energy with strong opportunities for growth and we look forward to building on our relationship with Eni and our partners in the region. We have identified significant exploration potential in our acreage in the Kutei Basin, which offers considerable growth potential through tie-back and standalone developments.'

Neptune Energy East Sepinggan B.V holds a 20% share of the East Sepinggan block, of which Eni is the operator with a 65% share of ownership through its affiliate, Eni East Sepinggan Ltd. PT Pertamina Hulu Energi holds a 15% share.

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Notes to editors/additional resources:
East Sepinggan PSC | Neptune Energy

Media
Gavin Roberts
+44 (0) 7704 308138
[email protected]

Investors
Will Arnstein
+44 (0) 7760 783895
[email protected]

About Neptune Energy Group
Neptune Energy is an independent global E&P company with operations across the North Sea, North Africa and Asia Pacific. The business had production of 142,000 net barrels of oil equivalent per day in 2020 and 2P reserves at 31st December 2020 of 601 million barrels of oil equivalent. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.
More information: www.neptuneenergy.com